Downside targets are measurable to 1920:
Using the Time At Mode Technique: There are 16-days of time (since the peak) at the 2014 area. Measure the high-low range and box it in and count the number of days that touch the mode. Project that box down from the mode. (See the green box - target 1920). This analysis depends on the S&P moving away from the 2014 level and staying under 2014 all day.
I added some volume profile analysis to show another technique where you can look at a balance of volume and where the market would need to go to create a balance across the current downtrend.
Using the Time At Mode Technique: There are 16-days of time (since the peak) at the 2014 area. Measure the high-low range and box it in and count the number of days that touch the mode. Project that box down from the mode. (See the green box - target 1920). This analysis depends on the S&P moving away from the 2014 level and staying under 2014 all day.
I added some volume profile analysis to show another technique where you can look at a balance of volume and where the market would need to go to create a balance across the current downtrend.
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